Also notable is what the house bill did not end up including. The bill fails to close two tax loopholes—the so-called carried interest loophole and like-kind exchanges. The carried interest loophole allows taxpayers to pay a much lower rate on capital gains compared to straight income, and like-kind exchanges involve deferring taxes when exchanging investment properties. NAR has lobbied against changing these practices, which largely benefit very wealthy individuals, arguing that they are not loopholes and promote business growth, while some politicians on both sides of the aisle see them as contributing to massive wealth inequality.
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